The global Software Defined Vehicle market size is projected to grow from USD 213.5 billion in 2024 to USD 1,237.6 billion by 2030, at a CAGR of 34.0%. The growing focus on vehicle safety and the need for autonomous driving experience in cars are driving forces behind the Software Defined Vehicle market. There are various benefits for consumers, one of them is predictive maintenance, which provides early warnings or alerts about potential issues, reducing the possibility of unexpected breakdowns. For OEMs, SDVs helps to reduce the manufacturing costs through simplified production processes, which require fewer physical components. The growing adoption of SDV platform monetization enables OEMs to generate revenue from platform services and third-party app integration.
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The passenger cars segment is expected to lead the global Software Defined Vehicle market during the forecast period. Most passenger cars are equipped with features that enhance safety, connectivity, and user convenience. With technological advancements such as ADAS, real-time navigation, and in-car entertainment, demand for SDVs will grow as OEMs plan to provide advanced software-based features at minimal costs. This integration allows continuous developments through OTA updates, ensures that vehicles remain up-to-date with the latest features and performance enhancements in after-sales services. The ongoing EV shift also demands sophisticated software to manage battery performance, energy efficiency, and diagnostics. There is a regulatory demand for enhanced safety and reduced emissions are driving the adoption of advanced software systems to meet stringent standards. This is expected to boost the SDV demand in passenger car segment and strengthening the essential role of software in new age vehicles with increased functionality.
Asia Pacific is estimated to have the largest share in the global Software Defined Vehicle market by value in 2024. Countries considered in this study for Asia Pacific are China, Japan, and South Korea. The Asia Pacific region is home to key SDV providers, such as NIO (China), ZEEKR (China), and XPENG Inc. (China). These companies are continuously investing in research and development to innovate autonomous driving solutions. The presence of these companies would also contribute to the growth of the Asia Pacific in Software Defined Vehicle market during the forecast period. OEMs like BYD and Honda are collaborating with tech leaders such as NVIDIA Corporation and KPIT(India) to integrate innovative software solutions into their vehicles. For instance, in April 2023, Volkswagen Group’s CARIAD and ThunderSoft (China) formed a partnership to accelerate advancements in connectivity and infotainment systems for SDVs in China. This collaboration aims to integrate ThunderSoft’s expertise in intelligent operating systems with CARIAD’s vehicle software integration capabilities, enhancing user experiences across Volkswagen Group brands. Also, in January 2024, Li Auto Inc. partnered with NVIDIA Corporation. Li Auto Inc. will utilize NVIDIA DRIVE Thor centralized car computer for its next-gen EVs.
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